Monthly Dividend Stock In Focus: Morguard North American Residential REIT

Revealed on February thirteenth, 2026 by Bob Ciura

Month-to-month dividend shares have prompt attraction for a lot of revenue traders. Shares that pay their dividends every month supply extra frequent payouts than conventional quarterly or semi-annual dividend payers.

For that reason, we created a full listing of over 100 month-to-month dividend shares.

You may obtain our full Excel spreadsheet of all month-to-month dividend shares (together with metrics that matter like dividend yields and payout ratios) by clicking on the hyperlink under:

Morguard North American Residential REIT (MNARF) is a month-to-month dividend inventory with a excessive yield. This probably makes the inventory extra engaging for revenue traders on the lookout for extra frequent dividend payouts.

This text will analyze Morguard North American Residential REIT in higher element.

Enterprise Overview

Morguard North American Residential Actual Property Funding Belief (MNARF) is a Canadian-listed multi-family residential REIT that owns and operates a diversified portfolio of rental house communities throughout Canada and the U.S.

As of September thirtieth, 2025, the REIT owned pursuits in 43 residential properties comprising about 13,100 suites, with about 41% of suites positioned in Canada and 59% within the U.S., offering geographic and financial diversification.

The Canadian portfolio is closely weighted towards Ontario, significantly Toronto and Mississauga, whereas the U.S. portfolio spans high-population-growth states akin to Illinois, Florida, Texas, Georgia, and Colorado.

MNARF focuses on mid-market, necessity-based rental housing. The REIT generated $243 million in income final yr.

On October twenty seventh, 2025, MNARF reported its Q3 outcomes for the quarter ended September thirtieth, 2025, with income from actual property properties of $63.0 million, up 2.2% yr over yr, pushed by rental fee will increase and favorable international alternate actions.

Internet working revenue elevated about 4.0% yr over yr to $33.4 million, supported by stronger U.S. working efficiency and resilient rental demand, partially offset by softer Canadian occupancy associated to new provide and ongoing capital tasks.

Portfolio fundamentals had been strong, with common month-to-month hire up 4.7% in Canada and 1.5% within the U.S., whereas occupancy averaged 94.3% in Canada and 92.5% within the U.S.

FFO per share elevated two cents yr over yr to about $0.31. For FY2025, we forecast FFO per share of $1.30.

Progress Prospects

MNARF achieved reasonable FFO per share progress of 4.5% per yr between 2015 and 2024. The REIT benefited from portfolio enlargement, bettering rental fundamentals, and operational efficiencies throughout each Canada and the U.S.

There was rising occupancy, regular hire will increase on turnover, and contributions from acquisitions, significantly in U.S. markets with favorable demographic traits.

Within the years 2018 via 2021, FFO/share turned extra uneven, resulting from a mixture of strong property-level efficiency and exterior pressures.

Whereas same-property NOI continued to develop via hire will increase and disciplined price management, outcomes had been periodically weighed down by larger curiosity expense, FX actions, and excessive working prices, particularly through the pandemic.

In 2020 and 2021, administration famous that COVID-related prices, momentary hire reduction, and slower turnover exercise moderated progress, at the same time as residential demand proved resilient and occupancy remained excessive.

From 2022 via 2024, FFO /share grew sharply earlier than moderating, pushed primarily by sturdy post-pandemic hire progress, larger turnover rents, and tight housing provide in each Canadian and U.S. markets.

The step-up in 2022 and 2023 displays distinctive same-property NOI progress, significantly in U.S. Sunbelt and concrete Canadian markets.

The pullback in 2024 displays a normalization part, with larger curiosity expense, slower hire progress, and rising working and property tax prices partially offsetting still-healthy rental fundamentals.

Shifting ahead, we count on FFO per share progress of three% to be pushed by hire progress and excessive occupancy, partially offset by larger curiosity and working prices.

We forecast the identical progress for the dividend, which the corporate has grown for 4 consecutive years in CAD phrases. The REIT has by no means lower its month-to-month dividend because it began paying it in 2012.

Dividend & Valuation Evaluation

MNARF has a well-diversified North American residential portfolio, constantly excessive occupancy, and a wholesome dividend payout ratio at 44%, which offers significant buffer to money circulation volatility.

The REIT’s low leverage of 39.5% relative to friends reduces refinancing threat, whereas its give attention to mid-market rental housing helps secure demand throughout cycles.

Additionally, MNARF has by no means lower its dividend since 2012, proving its resilience via varied financial environments. That mentioned, a protracted down flip in residential actual property ought to nonetheless negatively impression the REIT’s outcomes.

MNARF has traded inside a really slender valuation vary over the previous decade, averaging simply over 12x FFO.

At this time, the REIT trades at 10.6x this yr’s anticipated FFO. We consider a modest low cost is honest, provided that traders ought to require the next yield to pair low-single digit FFO/share progress expectations.

This is the reason we’ve set our honest a number of at an excellent decrease 9x.

A declining P/FFO a number of may cut back annual returns by 3.3% over the subsequent 5 years. Together with 3% anticipated FFO-per-share progress and the 4.1% dividend yield, complete returns are estimated at 3.8% per yr over the subsequent 5 years.

Remaining Ideas

MNARF gives a defensively positioned residential portfolio with conservative leverage and a powerful distribution monitor file, making it a strong income-oriented holding with reasonable progress potential.

We forecast annualized returns of three.8% over the subsequent 5 years, to be powered by the beginning dividend yield and our progress estimate, offset by potential valuation headwinds. MNARF earns a maintain score.